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HOME • MANAGE SUBSCRIPTIONS • MEDIA KIT
LinkedIn Hits 50 Million Milestone
by Mark Walsh, Wednesday, October 14, 2009, 6:39 PM

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LinkedIn has quietly climbed to 50 million users, the social networking site for professionals announced Wednesday. Highlighting its continuing growth, the company noted that it took almost a year and four months to notch its first million users after launching in 2003, but only 12 days to add its last million.

"Where are these 50 million users? LinkedIn has been global since inception -- about half of our total membership is international," wrote CEO Jeff Weiner on the company blog. "There are now 11 million users in Europe alone. India is currently our fastest-growing country with almost 3 million users, while the Netherlands has the highest rate of adoption per capita outside the U.S., at 30%."

While LinkedIn is becoming a global phenomenon in its own right, there's no question it has been overshadowed by the even faster growth of Facebook, which recently hit 300 million users. Having been around for six years, it's also no competition to Twitter as the social media platform of the moment.

But unlike those broader social networking services, LinkedIn is further along in creating a stable business model based on advertising, subscriptions and e-commerce. The company was valued at about $1 billion in its last round of financing in 2008, and has been profitable in recent years, according to TechCrunch.

While LinkedIn has actually benefited from the recession by attracting laid-off executives seeking out contacts and job leads, whether that growth has translated into increased revenue is another question. This spring, Steve Patrizi, LinkedIn's head of sales told Online Media Daily that inventory wasn't being monetized as it would be in an "amazing economy," but that the company felt very good heading into the second quarter.

Online classified advertising has been among the categories hardest-hit by the recession. The Interactive Advertising Bureau reported last week that classified ad dollars were down 31% in the first six months of 2009 compared to the year-earlier period. Overall online ad spending in the first half of the year dropped 5.3% from a year ago to $10.9 billion.

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